What's interesting about the article is that the sentiments of newer Flatbush residents mirrors that of those of us who were new to PLG three to four years ago:

In 2002, the couple bought a one-bedroom co-op on Glenwood Road with an eat-in kitchen and spacious foyer for a price that Ms. Simkins, a 39-year-old art director, would not reveal, except to say “nobody could or would believe” it.

If Flatbush real estate trends like PLG, new co-op owners will see their investment double in value in just a few years. Real estate agents quoted in the article also claim that a single family home can be had to $450K... sounds mythical to us, like a real estate unicorn.

Comments

When it comes to real estate prices I often feel like I'm out of step with others on this site. The statement that "If Flatbush real estate trends like PLG, new co-op owners will see their investment double in value in just a few years" strikes me as exagerated. I bought in 2000 for 500K. I am almost positive that the house is now worth around 1M (a minimum of 950K and a maximum of 1.05M). Which would mean that at the very best it has doubled over 7 years. That seems about right compared to other homes that I have seen both bought and sold in my time here. Have other people really had their values double in "just a few years"--or did ATP mean 7 years when she said " a few"?

good point jd. however, i can say that my own investment in a co-op in PLG has doubled in value in three years (if not more than doubled). people who have been in my building for 5+ years have seen appreciation of 1000%. Completely serious - a lot of these apartments sold for around $40K back in 2002ish.

Interesting, co-op owner. I guess co-ops have proven to be a better investment than houses in the area. Or at least they used to be more under-valued than houses were and therefore have experienced greater appreciation in the last "few years."